Do you need to pay tax on lottery winnings?

how much tax on lottery
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Yes, lottery winnings can be legally shared with family or friends However, the full amount is initially taxed at 30% before distribution If

30 percent of the prized amount will be collected as tax Earlier, the tax was applicable only to prizes worth more than Rs 10,000 The Centre There's no tax to pay when you win the lottery! Result! However, you might have to start paying tax when your winnings start making you money

slot games best When you win a trip, you are taxed on its fair market value Depending on the sort of holidays you take, the taxes might be as much as you'd normally spend on We do not tax California Lottery or Mega millions Visit Schedule CA Instruction 3s for more information How to report Federal return Report